2001-2002 Bill 409: Retirement income, maximum amount ...



BIL: 409

TYP: General Bill GB

INB: Senate

IND: 20010306

PSP: Wilson

SPO: Wilson, Giese, Richardson, Grooms, Verdin and Ryberg

DDN: l:\council\bills\swb\5135htc01.doc

CBN: 3511

RBY: Senate

COM: Finance Committee 06 SF

SUB: Retirement income, maximum amount which may be deducted increased; Aging, Taxation, Income tax, exemptions

HST:

Body Date Action Description Com Leg Involved

______ ________ _______________________________________ _______ ____________

------ 20010306 Companion Bill No. 3511

Senate 20010306 Introduced, read first time, 06 SF

referred to Committee

Versions of This Bill

TXT:

A BILL

TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM FIFTEEN THOUSAND DOLLARS TO TWENTY THOUSAND DOLLARS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-1170(B) of the 1976 Code is amended to read:

“(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed fifteen twenty thousand dollars reduced by any amount the taxpayer deducts pursuant to subsection (A) not including amounts deducted as a surviving spouse. If married taxpayers eligible for this deduction file a joint federal income tax return, then the maximum deduction allowed is fifteen twenty thousand dollars in the case when only one spouse has attained the age of sixty-five years and thirty forty thousand dollars when both spouses have attained such age.”

SECTION 2. Upon approval of the Governor, this act applies for taxable years beginning after 2000.

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